Various Rating Actions Taken In U.K. Nonconforming RMBS Transaction Ludgate Funding's Series 2008-W1 Following Review

OVERVIEW We have reviewed Ludgate Funding series 2008-W1's performance as part of our surveillance review cycle by performing our credit and cash flow analysis and applying our European residential loans criteria and our current counterparty criteria. Following our review, we have raised our ratings on the class Bb, Cb, and D notes. At the same time, we have affirmed our ratings on the class A1, A2b, and E notes. Ludgate Funding's series 2008-W1 is a U.K. nonconforming RMBS transaction. LONDON (S&P Global Ratings) Jan. 30, 2017--S&P Global Ratings today raised its credit ratings on Ludgate Funding PLC series 2008-W1's class Bb, Cb, and D notes. At the same time, we have affirmed our ratings on the class A1, A2b, and

...OVERVIEW + We have reviewed Ludgate Funding series 2008-W1's performance as part of our surveillance review cycle by performing our credit and cash flow analysis and applying our European residential loans criteria and our current counterparty criteria. + Following our review, we have raised our ratings on the class ##, Cb, and D notes. + At the same time, we have affirmed our ratings on the class A1, A2b, and E notes. + Ludgate Funding's series 2008-W1 is a U.K. nonconforming RMBS transaction. LONDON (S&P Global Ratings) Jan. 30, 2017--S&P Global Ratings today raised its credit ratings on Ludgate Funding PLC series 2008-W1's class ##, Cb, and D notes. At the same time, we have affirmed our ratings on the class A1, A2b, and E notes (see list below). Today's rating actions follow our credit and cash flow analysis of the transaction using information from the January 2017 investor report and October 2016 loan-level data. Our analysis reflects the application of our European residential loans...

Ratings Action